Further to Precision Assessment Technology Corporation's (the "Corporation") (TSX:PDT) release of April 6, 2006 with respect to a delay in filing its December 31, 2005 Audited Financial Statements, Management's Discussion and Analysis, Annual Information Form and the Management Cease Trade Order issued in connection therewith, the Corporation is now filing the requisite Default Status Report in accordance with Appendix B of CSA Notice 57-301.
The Corporation today announced that it has received a draft report from KPMG LLP who was engaged to complete an estimate of value, as required by the Corporation's auditors, Deloitte & Touche LLP, in connection with the acquisition of Trenchless Specialties Inc., by the Corporation in the fourth quarter of 2005. The Corporation is currently reviewing the draft report and on receipt of the final report will then commence the process of finalizing its Audited Financial Statements, Management's Discussion and Analysis and Annual Information Form.
The Corporation further reports that other than as stated herein, there has been no material change in the information contained in the Notice of Default filed on April 6, 2006. The Corporation still intends to file its Audited Financial Statements, Management's Discussion and Analysis and Annual Information Form on or before May 8, 2006. In addition, there has been no actual or anticipated default of a financial statement filing requirement subsequent to that disclosed in the Notice of Default filed on April 6, 2006; and the Corporation has no other material information concerning its affairs that has not been generally disclosed. The Corporation will file the requisite Notice of Default in accordance with Appendix B of CSA Notice 57-301 for as long as it remains in default.
Precision Assessment Technology Corporation provides drilling services for site assessment and remediation and groundwater assessment, monitoring and mitigation in the U.S. These services are provided using specialized and innovative drilling and sampling equipment and technologies from offices in California and Florida. Precision Assessment Technology Corporation operates through its wholly owned U.S. subsidiary, Precision Sampling, Inc. Further information can be found at www.precisiontecha.com. Precision's common shares are listed on the Toronto Stock Exchange under the symbol "PDT".
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding future plans and objectives of Precision are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this document are often, but not always, identified by the use of words such as "anticipate" and "intend" and statements that an event or result "will" occur or be achieved and other similar expressions. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
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For further information: Robert (Bob) E. Nowack, Chairman and Chief Executive Officer, Precision Assessment Technology Corporation, Tel: (604) 669-3373 (Ext. 201); If you wish to receive company press releases via email, please advise Judy-Ann Pottinger at info@precisiontecha.com; To request a free copy of this organization's annual report, please go to http://www.newswire.ca and click on Tools for Investors.